Bitcoin Bullish Signal: Supply Reaches All-Time High HODLing Levels
Bitcoin HODLed Or Lost Coins Metric Has Hit A New ATH
According to Glassnode’s latest weekly report, investors have shown aggressive accumulation behaviour lately. Here are a few relevant indicators. The first is Hoddle or Lost Coins, which measures the total number of coins that have been idle on the blockchain. Such coins belong to HODLers or reside in lost wallets (hence the metric’s name). The other indicator is the HODLer Net Position Change, which tells us how much Bitcoin is going in or out of this dormant supply. If the HODLer supply increases, investors have been accumulating more and holding on to their coins lately.
Investors have generally remained strong and have since accumulated more coins, as shown by the change in green net position. Because of this accumulation, the Bitcoin HODLer or Lost Coins metric has reached a new all-time high. Miscellaneous This aggressive HODLing behavior can be illustrated by the “Supply Last Active 6-Month Indicator,” which measures the amount of BTC that has seen movement in the past six months.
As you can see from the chart, the percentage of bitcoin supply last active in the past six months is currently at record lows. This means that a large chunk of the collection has been lying around unused lately, showing just how extreme HODLing is presently going on. Of course, this type of investor mentality can be bullish on the cryptocurrency price in the long run.